COLA BILL FOR VETERANS PASSES SENATE
Washington, D.C. ? U.S. Senator Daniel K. Akaka (D-HI), praised the Senate's action in passing a veterans' compensation cost-of-living adjustment.
?As the Ranking Member of the Senate Committee on Veterans' Affairs, and a veteran myself, I am extremely pleased with the Senate passage of legislation that will authorize a cost-of-living adjustment for veterans' compensation,? said Senator Akaka.
The Veterans' Compensation Cost-of-Living Adjustment Act of 2006, S. 2562, directs the Secretary of Veterans Affairs to increase, as of December 1, 2006, the rates of veterans' disability compensation, dependency and indemnity compensation for surviving spouses and children, and certain related benefits.
The COLA will be the same as the increase provided to Social Security recipients, which is projected to be approximately 2.9 percent.
Senator Akaka stated, ?It is vital that veterans' disability compensation rates keep pace with the increasing cost of living. Without an increase to offset the effects of inflation, veterans and their families would lose the value of this important benefit.?
?Passage of the Veterans' Compensation Cost-of-Living Adjustment Act of 2006 is the least that Congress can do to help disabled veterans provide adequately for their families. Many times, VA disability compensation is a major, and in some cases the sole, source of income for a veteran and his or her family. For those who gave so much to this nation, we owe them this sign of gratitude.?
Senator Akaka noted that he expects swift passage of this important legislation by the House of Representatives.